HUD Secretary Marcia Fudge Delivers Opening Remarks
Today, December 6, 2022, the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development & Research (PD&R) will hold its quarterly update meeting to discuss the issues around institutional investors and their impact on housing markets across the United States. The event will include pre-recorded opening remarks by HUD Secretary Marcia L. Fudge before moving into two panel discussions.
This timely event will share research and data and will highlight what communities have done to preserve affordable housing. Since the start of the pandemic, the housing market has witnessed an increase in activity by large investors who often oversee more than 1,000 properties in their portfolio. This activity has produced a strain on the already limited prospects of first-time homebuyers and has deepened the gaps in racial wealthy and homeownership.
“Institutional investors have access to resources that make them impossible to compete with. This is especially true for minority first-time homebuyers, who already face institutional barriers,” said HUD Secretary Marcia L. Fudge. “HUD has taken steps to ensure that our defaulted assets will land in the hands of non-profits or individual owners, but this is a much bigger problem that will take everyone coming together to figure out how to sustain housing that people can afford.”
“This PD&R Quarterly will profile the impact of institutional investors in the housing market and provide examples of how various levels of governments, along with nonprofits, can drive housing supply to owner-occupants and mission-driven entities,” said Solomon Greene, PD&R’s Principal Deputy Assistant Secretary.
To learn more about the panelists participating in the meeting, click here.